AXGN Axogen, Inc.

Overview and Growth

Axogen, Inc. generated $225.21M of revenue in fiscal 2025, with net loss of $15.70M and an operating cash inflow of $812.00K. Revenue of $225.21M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $187.34M in fiscal 2024, revenue recorded a 20.2% year-over-year increase. The company reported diluted EPS of -$0.34, adding a shareholder-level measure to the absolute income figures considered below. Total assets stood at $221.69M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 1.02x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $167.35M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 74.3%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced a $7.85M operating loss before non-operating and tax effects. Relative to revenue, the operating deficit measured 3.5%, showing the shortfall after operating costs. After all below-operating-line items, the company recorded a net loss of $15.70M for the fiscal year. Net margin was -7.0%, reflecting a loss equal to 7.0% of reported revenue. The reported income-tax provision was $0.00, the amount recognized between pretax income and the final net-income result. The loss-to-equity relationship was 12.2%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 7.1%. The net loss widened to $15.70M from $9.96M in fiscal 2024.

Liquidity and Capital Structure

At period end, the $221.69M asset base was financed through $92.84M of liabilities and $128.85M of equity. At period end, current assets of $120.42M compared with current liabilities of $23.56M, defining the company’s short-term resource position. The current ratio was 5.11x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $35.55M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 150.9% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $48.39M of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.38x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 21.8%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 41.9%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 16.0%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $203.73M in fiscal 2024, the current asset base moved 8.8% and finished higher. Book equity was 24.0% higher than fiscal 2024 equity of $103.91M, showing how shareholder capital changed year over year. Cash and equivalents were 29.0% higher than fiscal 2024 cash of $27.55M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $812.00K, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The cash-flow statement records $3.75M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 461.2% of operating cash flow, leaving the remainder available as free cash flow. Operating cash flow and capital spending combined to leave a $2.93M cash deficit after capital spending. The free-cash-flow deficit equaled 1.3% of revenue, showing the post-investment cash shortfall relative to sales. The cash deficit after capital spending represented 1.3% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.